TYL TYLER TECHNOLOGIES INC
Price Chart
Executive Summary
Tyler Technologies replaced its existing $700M credit facility with a new $1B unsecured revolving credit agreement maturing May 2031, led by Wells Fargo. The company had no borrowings outstanding at closing. The agreement includes an accordion feature allowing up to ~$1.5B+ of total capacity via incremental loans, and the interest rate margins (SOFR+1.125% to 1.75%) and leverage covenant (max 3.50x, stepping to 4.00x for qualifying acquisitions) reflect investment-grade credit terms.
Actionable Insight
The upsized facility signals enhanced financial flexibility and likely improved pricing terms, but with no debt drawn the immediate impact is modest. Watch for drawdowns to fund M&A or working capital needs, and monitor the upcoming $1.4375B convertible note issuance for potential dilution or hedging activity.
Key Facts
- Up to $1B unsecured revolving credit facility, maturing May 28, 2031
- Replaces existing $700M facility that matured September 2029
- Zero borrowings outstanding at closing
- Accordion feature for incremental loans up to >$525M + leverage-based capacity
- Interest rates: SOFR + 1.125%-1.75% or base rate + 0.125%-0.75%, based on total net leverage
- Commitment fee: 0.125%-0.250% based on leverage
- Financial covenant: Consolidated Total Net Leverage Ratio ≤ 3.50x (steps to 4.00x for qualifying acquisitions)
- Guaranteed by material domestic subsidiaries
- References $1.4375B Permitted Convertible Indebtedness issued on or about May 14, 2026
Financial Impact
No borrowings outstanding; $1B facility increases undrawn commitment by $300M over prior $700M facility
Risk Factors
- Leverage increase from borrowing for acquisitions could tighten covenant headroom
- Convertible note issuance adds $1.44B of potential future dilution risk
- No borrowings outstanding means the facility's cost/benefit is untested
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000860731-26-000042 |
| Document: tyl-20260529.htm | 0000860731-26-000042 |
| Document: 0000860731-26-000042-index-headers.html | 0000860731-26-000042 |
| Document: 0000860731-26-000042-index.html | 0000860731-26-000042 |
| Document: 0000860731-26-000042.txt | 0000860731-26-000042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
today
|
8-K
| $293.75 awaiting T+5 | awaiting T+5 | — | $298.84 (+1.73%) |
|
May 29, 2026
14d ago
|
8-K
| $312.69 $312.07 | ▼ −0.20% | ▲ +2.30% | $298.84 (−4.43%) |
|
May 14, 2026
29d ago
|
8-K
| $311.49 $313.43 | ▲ +0.62% | ▼ −0.34% | $298.84 (−4.06%) |
|
May 12, 2026
4w ago
|
8-K
| $309.70 $320.79 | ▲ +3.58% | ▲ +3.50% | $298.84 (−3.51%) |
|
May 11, 2026
4w ago
|
8-K
| $312.17 $319.00 | ▲ +2.19% | ▲ +2.27% | $298.84 (−4.27%) |
|
Apr 29, 2026
6w ago
|
8-K
| $340.00 $329.01 | ▼ −3.23% | ▼ −4.96% | $298.84 (−12.10%) |
|
Apr 20, 2026
7w ago
|
8-K
| $345.42 $337.19 | ▼ −2.38% | ▼ −3.29% | $298.84 (−13.48%) |
|
Mar 5, 2026
14w ago
|
Insider Cluster
| $365.62 $345.31 | ▼ −5.55% | ▼ −3.32% | $298.84 (−18.26%) |
|
Mar 2, 2026
14w ago
|
Insider Cluster
| $354.72 $367.05 | ▲ +3.48% | ▲ +4.68% | $298.84 (−15.75%) |
|
Feb 23, 2026
15w ago
|
Insider Cluster
| $317.38 $354.72 | ▲ +11.77% | ▲ +11.15% | $298.84 (−5.84%) |
US Market Status
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